Nigeria’s foreign exchange market may be heading for greater transparency as the Central Bank of Nigeria rolls out fresh directives for International Money Transfer Operators.
The move according to the Apex bank is part of broader efforts to improve efficiency and restore confidence in the Foreign Exchange ecosystem.
With remittances playing a critical role in Nigeria’s economy, the apex bank is tightening regulations to ensure better pricing, accountability, and increased participation in the official market.
The Central Bank of Nigeria directed International Money Transfer Operators to channel foreign exchange proceeds through authorised dealers and other approved participants, including Bureau De Change operators.
As part of the new guidelines, the apex bank also instructed IMTOs to align their pricing with real-time market rates available on Bloomberg’s BMatch platform.
According to the CBN, operators are expected to use the platform as a benchmark in determining exchange rates for transactions involving customers and authorised dealers.
The bank says the directive is designed to enhance price discovery, reduce information asymmetry, and deepen participation in the official foreign exchange market.
The regulator further emphasised the need for strict compliance with anti-money laundering and counter-financing of terrorism regulations, while ensuring proper record-keeping for audit and regulatory purposes.
It added that the directive forms part of ongoing reforms to strengthen Nigeria’s remittance framework, following revised guidelines issued in January 2024.
(Editor: Anoyoyo Ogiagboviogie)
